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Real Estate Market: Spring Market Trends & Where Do They Go From Here…

We are in the height of the proverbial real estate “Spring Market” and in the transition period following the expiration of the tax credits. So, we are often asked, where does the real estate market stand?
The trends have been very favorable in 2010. In the Charlotte region, 2,537 homes sold in May and the average closed price was $212,454. This was the largest number of closings and the second highest average sale price in the past 12 months. This is indeed good news.
2,059 homes were placed under contract in May. This is 31% below April and 12% below May 2009. It is very apparent that we saw many sales that would have occurred in May shift into April this year so buyers could take advantage of the tax credits which expired April 30.
More than 50% of all May sales were priced under $150,000. While the higher price points are seeing more activity, it is interesting to note the more moderate price points continue to outperform the overall market.
So, where is the market going from here? June and July will be a great indicator for the balance of 2010. We expected May to be soft as compared to April as the tax credits expired. If the market is to sustain itself without the support of taxpayer money, we will see those results within the next 60 days. We will remain optimistic for continued improvement.
Interest rates have fallen well below 5% again. Inventory remains strong and sellers understand the “new norm” when it comes to pricing. With the market positioned to do quite well in the next few years, real estate is indeed a wonderful long-term investment.
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